• The token was blocked for staking for US and Canada.
• The ApeCoin DAO has launched its own NFT marketplace. 
• The price increased by mere 2% amounting to $3.85. 

The Monkey-themed token APE is the very popular decentralized project of the Yuga Labs’ Bored Ape Yacht Club project. It just witnessed a halt in staking for investors in the US and Canada, which lifted the price slightly. The ApeCoin DAO also recently launched its NFT marketplace, which will ease the trading of the popular NFT. It gained popularity when celebrities like Justin Beiber, Jimmy Fallon, etc., purchased it, but unfortunately, its token did not have the same pace and remained in the background. The credit for this negative reaction can be given to the involvement of Yuga Labs in the FTX funding amounting to nearly $450 million.

The char-t-ale

The price steadily rises without causing any change in the trading volume as it continues to lay flat. The price moves up, crossing the 20-EMA and aiming for higher EMAs. It may very soon reclaim the 50-EMA if it continues to form the persisting pattern. The price action has moved to the upper border of the Bollinger band, slightly surpassing the ceiling. 

The CMF indicator escalates substantially to the range near 15-mark, sloping upwards. It may choose a spot within the same range for a halt and dip slightly. The RSI indicator moves to the neutral range of 50-60 and goes flat. It may move to the higher range as this trend continues to form upwards. The MACD indicator diverges in bullish momentum but moves below the zero mark. It may rise as the buyers gradually enter the market.

The peephole

The price slopes upwards if looked in the bigger frame. The RSI indicator spins back the range within the bounds after becoming overbought for a  while. It may take a halt within the same bounds, before falling further. The MACD indicator goes bullish, but not so strong as to mark a breakthrough. It may tangle and move further before going down. The CMF indicator moves in the range of 15-mark and looks downwards, hinting at a future drop.

Conclusion

The coin holders are only holding hopes due to its metaverse proposals, until then this may maintain this slow moving pattern and no major movements. The coin did not reflect as was expected after the launch of the new NFT marketplace and a capping on the supply due to the holding halt. 

Technical levels

Support levels: $2.83 and $1.80

Resistance levels: $4.83 and $5.85

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2022/11/30/if-youre-into-cereal-box-prizes-and-such-this-maybe-your-coin-ape-didnt-even-flinch/